Small Businesses Eligible for Aid in Response to New Mexico Wildfires

On May 11, the Small Business Administration (SBA) and the New Mexico Network of Small Business Development Centers announced the opening of an SBA Business Recovery Center in Ruidoso to provide support services to companies affected by forest fires and straight winds that began in April. 5, 2022.

SBA provides assistance to small businesses affected by forest fires in New Mexico

Affected businesses can seek business assistance on a variety of matters designed to help small business owners re-establish their operations, overcome the effects of the disaster, and plan for their future.

Businesses of all sizes and private nonprofits can borrow up to $ 2 million to repair or replace real estate, machinery and equipment, inventory, and other damaged or destroyed business assets. Loans are designed to cover losses that are not fully covered by insurance or other recoveries.

Loans have interest rates as low as 2.94% for businesses, 1.875% for private nonprofits, and 1.438% for landlords and tenants with terms of up to 30 years. The amounts and terms of the loans are set by the SBA and are based on the financial situation of each applicant.

Small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations of any size can also apply for loans for economic disasters to help cover working capital needs. caused by the disaster. Economic Disaster Loan Assistance is available regardless of whether the business has suffered property damage.

Available disaster loans include up to $ 200,000 for homeowners to repair or replace damaged or destroyed real estate. Landlords and tenants can also receive up to $ 40,000 to repair or replace damaged or destroyed personal property.

Support for small businesses to access services will include assessing business working capital needs, assessing the strength of the firm, projecting cash flow, and reviewing alternatives for free. .

“SBA representatives will meet with each employer to explain how an SBA disaster loan can help fund their recovery. They will answer questions about the SBA’s disaster loan program, explain the solar process And they will help each entrepreneur complete their e-loan application, “said Tanya N. Garfield, SBA Disaster Field Operations for the Midwest.

Fire season destroying properties in New Mexico and Arizona

New Mexico and Arizona are experiencing the first season of fires with many neighborhoods and businesses reduced to ashes, prompting the federal government to issue a disaster statement for New Mexico on May 4, 2022. In early May, more than 600 fires had broken out in the two states. .

Federal funding is also available to eligible state and local governments and certain private nonprofit organizations on a cost-sharing basis for emergency protection measures (Category B). These include direct federal assistance and reimbursement for mass care, including evacuation and reception support in Colfax, Lincoln, Mora, San Miguel, and Valencia counties.

Small businesses seeking SBA support can go in person to the Lincoln County Business Recovery Center, located at the University of Eastern New Mexico. Applicants can also call the SBA Customer Service Center at (800) 659-2955 or email for more information.

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